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Discussion Starter · #1 ·

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That Apple logo is made of Teflon, baby!



Aint it, Ringo?



"mmmHMM..."
 

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Apple's ex-CFO: I warned Jobs on options

“NEW YORK (Reuters) -- Apple's former finance chief Fred Anderson blamed Apple CEO Steve Jobs for a 2001 stock option grant that was backdated, according to a statement from Anderson's lawyer released Tuesday.
The statement was released by Anderson's lawyer, Jerome Roth, after Anderson settled with the Securities and Exchange Commission related to Apple's stock option plan without admitting or denying any wrongdoing.
"Fred was told by Steve Jobs in late January 2001 that Mr. Jobs had the agreement of the Board of Directors for the Executive Team grant on Jan. 2, 2001," Roth said in a statement.”

http://money.cnn.com/2007/04/24/news/companies/apple_cfo.reut/index.htm?eref=rss_topstories
 

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Discussion Starter · #4 ·
Which is why dear Fred is in trouble. His statement is a nice 'cover my butt' story that he is allowed to release - a story that cost him $3.5m. It may even be true, but the point is that no financial officer of that standing should execute a major item of business without due diligence. In this case, that means a nice clean paper trail.

His statement is the adult equivalent of "Steve said it was OK to throw the rock....so I did". Growing up can be expensive. CEOs hire specialists to guide them, particularly in legal and financial affairs.

He chose not to exercise his responsibilities.
 

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Interesting reader comments in this column:

How Is Steve Jobs Avoiding The SEC Heat? - Seeking Alpha

The bottom-line is that, if the SEC goes after Jobs' ass, they will be assailed with significant protest from shareholders. EVERYBODY KNOWS how important Steve Jobs is to Apple, and Apple would suffer MAJOR damage if he was severely penalized or removed (which, while I wonder how complicit he is, he probably did not do enough here to warrant removal)
 

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